Xtreme Power, a provider of power resources for utility-scale power management and energy storage systems, has closed a USD29.5m financing round co-led by Bessemer Venture Partners, The Dow Chemical Company through its venture capital group, and existing investor Sail Venture Partners.
Additional investors include Posco ICT and SkyLake.
Umesh Padval, a partner with Bessemer Venture Partners, and Walter Schindler, managing partner at Sail Venture Partners, have joined the board of directors.
The financing will support Xtreme Power’s technology development, production expansion, and large-scale power projects.
"Xtreme Power’s technology significantly enhances the value that renewable energy generators provide to the grid, enabling smoother delivery of power and greater compliance with utility standards. We look forward to continuing our work with Xtreme Power," says Hank Habicht, Xtreme Power board member and managing partner at Sail.
"At Dow, we firmly believe in the need to support and foster innovations that improve the viability of alternative energy sources and reduce greenhouse gas emissions. Dow believes advanced energy storage is a crucial part of the solution, and recognises that Xtreme Power’s dynamic power resource is both unique and necessary in this capacity," says Monty Bayer, Dow’s global business director of ventures and business development, venture capital, and licensing. "This investment is another example of Dow’s strategic commitment to fostering and implementing innovative energy solutions – from advanced batteries for next-generation hybrid cars, to new materials that make homes more efficient, to new solutions for capturing greenhouse gases and addressing global climate change."
The new round of financing will be used to support Xtreme Power’s ongoing business development efforts, with a focus on constrained grids, including the Hawaiian market.
"We are pleased to collaborate with this strategic group of investors and look forward to growing Xtreme Power and the broader power management market with their support. Their engagement further reinforces the critical role power management plays in achieving a smarter, more efficient energy grid," adds Carlos Coe (pictured), Xtreme Power chief executive.
